Japanese insurance giant, Nippon Life Insurance, plans to promote Mr Hiroshi Shimizu, director and senior managing executive officer, to be its President, with the appointment to take effect on 1 April.

The appointments are expected to be formalised at a board meeting today, the sources said.

Mr Shimizu oversees the Japanese insurer’s investment operations. He also has experience in product development and corporate sales, among other fields. Mr Shimizu joined Nippon Life Insurance in 1983. He took up the current post in July 2016.

Mr Tsutsui took the helm of Nippon Life Insurance in April 2011. He led the company’s acquisitions, including a takeover of Mitsui Life Insurance and an investment in US asset management firm TCW Group.

The leadership change is designed to rejuvenate Nippon Life Insurance’s management team.